Home Highlights April 2013 Year 2013 This

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1. Computation of deduction u/s 10B - Even in the common parlance, when the object of the formula is to arrive at the profit from export business, expenses excluded from...

2. Restriction of deduction u/s 10B – 100% Export Oriented Unit (EOU) - assessee will not be entitled for exemption u/s 10B in respect of turnover sold to 100% EOU in India - AT

3. Computation of deduction u/s 10B - 100% EOU - inter unit transfer should not be treated as part of the “Total Turnover” while computing deduction u/s.10B of the Act - AT

4. Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...

5. Exclusion of insurance charges from the export turnover for computing 10AA deduction - The assessee has not charged its customers separately in respect of the insurance...

6. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...

7. TDS u/s 194C - Non deduction of TDS on payments to shipping companies and CFS Agents - Addition u/s 40(a)(ia) - payments made by the assessee to shipping companies/CFS...

8. Exemption u/s 10A/10B - Interest income - deposits made with banks for obtaining letters of credit - Benefit of deduction u/s 10B on interest income related to export...

9. Denial of refund claim - Rule 5 of CCR, 2004 – input services – export of services – export turnover - branches turnover neither included in export turnover nor in the...

10. TDS on amount paid through agent - Short deduction of TDS on the payment to agent - Once the payment is made through the agent to the third party against the services...

11. Deduction u/s 10A - since the export turnover forms part of the total turnover, if an item is excluded from the export turnover, the same should also be reduced from the...

12. Disallowance of service charges/commission payment - The assessee had admittedly appointed these agents to whom the payments were made to properly execute the sales...

13. Export sales directly made to the consignee through the sister concern was the deemed export of the assessee - deduction u/s 10B allowed - AT

14. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

15. Claim of deduction u/s 10B - Non export of 100% of turnover - the objection of the AO that some part of sale was affected in domestic area does not disentitle the...